Yum China CLO exercises 267 RSUs, trims holdings

Yum China Holdings, Inc. Chief Legal Officer Pingping Liu reported routine equity transactions involving company stock.

Rhea-AI Filing Summary

Yum China Holdings, Inc. Chief Legal Officer Pingping Liu reported routine equity transactions involving company stock. On February 9, 2026, 267 restricted stock units converted on a one-for-one basis into 267 shares of common stock at $0 per share, increasing Liu’s direct holdings to 15,067 shares.

On the same date, 81 common shares were disposed of at $57.50 per share in a transaction coded "F", leaving Liu with 14,986 directly owned common shares. The underlying restricted stock unit grant vests 25% per year beginning one year from February 9, 2023 and does not have an expiration date.

Insider Trade Summary

267 shares exercised/converted

Exercise 3 txns

Insider LIU Pingping

Role Chief Legal Officer

Type	Security	Shares	Price	Value
Exercise	Restricted Stock Unit	267	$0.00	$0.00
Exercise	Common Stock	267	$0.00	$0.00
Exercise Price or Tax Liability	Common Stock	81	$57.50	$5K

Holdings After Transaction: Restricted Stock Unit — 264 contracts (Direct); Common Stock — 14,986 shares (Direct)

Footnotes (3)

1. F1. Conversion occurs on a one-for-one basis.
2. F2. Vesting occurs 25% per year beginning one year from 2/9/2023.
3. F3. This grant does not have an expiration date.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transaction did Yum China (YUMC) disclose for Pingping Liu?

Yum China disclosed that Chief Legal Officer Pingping Liu converted 267 restricted stock units into common shares on February 9, 2026, then disposed of 81 common shares at $57.50 per share, as reflected in a Form 4 filing.

How many Yum China (YUMC) shares does Pingping Liu own after this Form 4?

After the reported transactions, Chief Legal Officer Pingping Liu directly owns 14,986 shares of Yum China common stock. This figure comes from the Form 4 table, which shows the amount of common stock beneficially owned following the final transaction on February 9, 2026.

What do the 267 restricted stock units reported by Yum China (YUMC) represent?

The 267 restricted stock units convert into 267 shares of Yum China common stock on a one-for-one basis. A footnote states vesting occurs 25% per year beginning one year from February 9, 2023, and the grant has no expiration date.

What transaction codes appear in Pingping Liu’s Yum China (YUMC) Form 4?

The Form 4 shows transaction code M for the conversion of 267 restricted stock units into common stock at $0 per share, and code F for the disposition of 81 common shares at a price of $57.50 per share.

What is the vesting schedule of the Yum China (YUMC) restricted stock units in this filing?

The restricted stock unit grant vests 25% per year, starting one year from February 9, 2023. According to the footnotes, conversion occurs one-for-one into common stock, and the grant does not have an expiration date.

What role does Pingping Liu hold at Yum China (YUMC) in this Form 4?

In this filing, Pingping Liu is identified as an officer of Yum China with the title Chief Legal Officer. The Form 4 indicates the report is filed by one reporting person in that capacity, without director or 10% owner status checked.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Form 4 Insider Transactions: What Each Field Means →

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Accepted by SEC EDGAR 02/11/2026 - 06:15 AM Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

LIU Pingping

(Last) (First) (Middle)

YUM CHINA BUILDING

20 TIAN YAO QIAO ROAD

(Street)

SHANGHAI F4 200030

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Yum China Holdings, Inc. [ YUMC ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Legal Officer

3. Date of Earliest Transaction (Month/Day/Year)
02/09/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	02/09/2026		M		267	A	$0(1)	15,067	D
Common Stock	02/09/2026		F		81	D	$57.5	14,986	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Restricted Stock Unit	(1)	02/09/2026		M			267	(2)	(3)	Common Stock	267	$0	264	D

Explanation of Responses:

1. Conversion occurs on a one-for-one basis.

2. Vesting occurs 25% per year beginning one year from 2/9/2023.

3. This grant does not have an expiration date.

	/s/ Pingping Liu	02/11/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.